The former executive at Tiffany & Co. plead guilty to stealing $2.1 million in necklaces, bracelets, and earrings made of diamonds, platinum and gold less than a month after being charged. Ingrid Lederhaas-Okun, in her position as vice president of product development, was given permission to "check out jewelry from Tiffany for reasons that included showing items to potential manufacturers for cost production estimates." However, instead of bringing the jewelry back, Lederhaas-Okun reported them missing or damaged and resold them. She was charged with one count of interstate transportation of stolen property. So how did Tiffany finally find out?
Photo: Tiffany & Co.
Tiffany & Co. filed a lawsuit against Costco yesterday (ironically) on Valentine's Day in Federal District Court in Manhattan over the sale of counterfeit engagement rings being sold under Tiffany's name. The suit claims Costco infringed on the jeweler's trademark, violated counterfeiting laws and asks for the profits Costco received from the sale of fake rings as well as punitive damages if $2 million per infringement. The suit also seeks to find out exactly how many customers were defrauded by purchasing the fake rings.
Tiffany discovered that Costco was selling fakes after a customer in Huntington Beach, CA complained to Tiffany November of last year that she was disappointed Tiffany allowed their rings to be sold at Costco. Tiffany then bought one of the rings and determined it was counterfeit since it didn't contain a microscopic laser inscription they put in all their diamonds. Further, the band did not contain the Tiffany & Co. engraving.
